Dubai Investments, a diversified company in which the sovereign wealth fund Investment Corporation of Dubai holds a stake, has started construction of its Dh1 billion ($272 million) residential development in Ras Al Khaimah.
The new project, named Danah Bay, on Al Marjan Island, will have 337 units including 209 villas and 128 apartments, Dubai Investments said in a statement on Thursday. It will also have a 300-room, four-star hotel, which will be run by Millennium and Copthorne Middle East Holdings.
The company, however, did not provide a construction timetable for the project or how it plans to finance it.
“There is a huge interest for projects like these in the emirate and with attractive residency requirements, favourable property and business ownership terms coupled with the growing community of entrepreneurs and companies, we are positive that Danah Bay is only the beginning,” said Khalid bin Kalban, vice chairman and chief executive of Dubai Investments.
The launch of the project comes as the UAE property market continues to recover from the coronavirus pandemic on the back of government initiatives and other measures to support the economy.
Other developers including Sharjah’s Arada, Sobha Realty, Aldar Properties, Deyaar and Damac Properties have also announced new projects amid higher demand from buyers.
“As a master developer responsible for supporting Ras Al Khaimah’s diversification strategy and transforming the emirate into a sought-after destination for both residents and investors in varied sectors, this waterfront project builds on our commitment to deliver premium offerings to enrich the lifestyle of our diverse stakeholders,” said Abdulla Al Abdouli, chief executive of Marjan.
Dubai Investments Real Estate, a wholly owned subsidiary of Dubai investments, is developing the project, covering an area of about 86,000 square metres, with 40,000 sq m of beaches. It has appointed AE Seven Morse Architecture and Engineering Consultancies as design and supervision consultants.
Set up in 1995, Dubai Investments owns businesses such as Dubai Investments Park, venture capital company Masharie and Al Mal Capital.
The company reported a big jump in its third-quarter profit to Dh1.12 billion, compared with Dh154 million during the same period last year, on the back of gain on the disposal of controlling interest in a subsidiary and fair value gain on retained investment. Contract revenue and rental income also rose during the period.
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UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
RESULTS
ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
7-6, 4-6, 6-2
R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6
WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4
ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0
